How to declare under construction flat with housing loan in schedule al of itr2

ITR 1607 views 1 replies

Dear Sir,

I have to file schedule AL in ITR2. I ahve purchased a flat in 2011 but it is still under construction. I have paid some money to the builder for this flat and I have also taken a housing loan for this flat for which I am paying the EMI. I have the loan account statement which shows the amount remaining on 31st MArch 2018.

Do I need to show this under immovable properties in schedule AL? If not then where should I show it in my assests and should it include the interest I paid on the housing loan? Where to show the remaining housing loan amount?

Really puzzled with this point. Please help.

 

Thanks,

Ashu

 

 

Replies (1)

Since the possession is not received. So you have not acquired. and this is not your fixed asset for AL purposes. this property is not your property ... this is still a booking advance , show in loans and advances on asset side ./.. 

The bank loan will be on the liability side, yes., it will be

thanks and regards


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